Lee & Associates’ Q3 2026 Report: Industrial Rebounds, Office Stalls, Retail and Multifamily Gain Ground
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in November 2026: $5.5B across 22 reported transactions. All Office coverage →
- 22 stories mentioning Lee & Associates on the wire in the past 90 days. Lee & Associates coverage →
Computed from Real Estate Trail’s own tracked coverage
After three years of new construction outpacing tenant demand in many sectors and areas, commercial real estate posted a mostly encouraging report card in the third quarter of 2026. Lee & Associates’ 2026 Q3 North Ame…
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